The agency chairman, Gary Gensler, has proclaimed that the US Securities and Exchange Commission (SEC) has done very well in court on crypto cases. Indeed, Gensler spoke at the ICI 2024 Leadership Summit, in which he applauded the performance of the agency in regard to crypto court cases.
The agency, under Gensler’s leadership, has been criticized for its insistent regulatory approach through enforcement. Subsequently, they have been engulfed in a plethora of lawsuits with firms like Ripple (XRP) and Coinbase. Yet, speaking at the event, Gensler claims the agency has done well in that arena.
Also Read: SEC Chair Gensler Calls Crypto ‘Outsized Piece of Frauds and Scams’
Gensler Applaud’s SEC Performance in Court on Crypto Cases
Over the last several months, the US government has sought to address the ongoing dissatisfaction with the regulatory framework in the United States. That development culminated in the passing of the FIT21 crypto bill in the US House of Representatives yesterday.
Moreover, US President Joe Biden released a statement regarding that very bill. Specifically, he noted that, although he does not directly agree with it, he will not veto the legislation if it passes in the Senate. However, the current governing body of the digital asset market does not appear thrilled with the proposed changes.
Gary Gensler has already spoken out against the FIT21 bill. Specifically, he stated that the legislation would “create new regulatory gaps and undermine decades of precedent” regarding investment contract oversight.
Also Read: SEC: Gary Gensler Requests $2.6B to Take On Crypto Industry
Speaking at the ICI Leadership Summit this morning, the chairman addressed the agency’s performance. Specifically, Gary Gensler stated that the SEC had done very well in court on crypto cases.
The agency is not a stranger to the courtroom, as it has ramped up lawsuits against the industry in recent years. Moreover, it is that regulatory strategy that has led to an increased push for Congressional action. Luckily for the industry, that action is taking place now.